TDThe Economic and Financial Crimes Commission (EFCC) on Monday, May 4, 2026, arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, before Justice Jude Onwuzuruike of the Federal Capital Territory High Court, Apo, Abuja.
Ayeni is facing a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to ₦15,665,085,429 (Fifteen Billion, Six Hundred and Sixty-Five Million, Eighty-Five Thousand, Four Hundred and Twenty-Nine Naira).
Details of the Charges
Prosecution counsel, E.E. Iheanacho, SAN, informed the court that the EFCC was fully prepared for trial and requested that the charges be read to the defendant.
Among the allegations:
- October–November 2014: Ayeni allegedly misappropriated ₦3.2 billion from depositors’ funds in Skye Bank’s suspense account, transferring the money to accounts belonging to Misa Limited at Zenith Bank.
- November 27, 2014: He is accused of diverting ₦5.07 billion to Union Registrar Limited’s account at Union Bank, in violation of prudential guidelines and banking regulations.
These charges, according to the EFCC, contravene Sections 311 and 312 of the Penal Code, which deal with criminal breach of trust and its punishments.
Court Proceedings
Ayeni pleaded “not guilty” to all charges. Following his plea, the prosecution requested a trial date and urged the court to remand him in a correctional facility.
Defence counsel, Ahmed Raji Bashir, SAN, countered by noting that the charges were served on a public holiday, arguing that this was irregular.
He requested that Ayeni be released to him or returned to EFCC custody rather than being remanded.
Justice Onwuzuruike adjourned the matter to May 13, 2026, for hearing of the bail application.
Pending that determination, Ayeni was ordered to be remanded at the Kuje Correctional Centre.
Context and Implications
This case is one of several high-profile prosecutions by the EFCC targeting alleged financial crimes involving former banking executives.
Skye Bank, once a major player in Nigeria’s financial sector, was taken over by regulators in 2016 due to insolvency and governance issues, eventually restructured into Polaris Bank.
The arraignment of Ayeni underscores the EFCC’s continued focus on accountability in the banking sector, particularly regarding the misuse of depositors’ funds.
The outcome of this trial is expected to send a strong signal about Nigeria’s stance on financial misconduct and corporate governance.
